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Turkmenistan abolishes its oil and gas representation in Europe

Oil&Gas Materials 22 December 2010 14:20 (UTC +04:00)

Turkmenistan, Ashgabat, Dec. 22 / Trend H. Hasanov /

The State Agency for the Management and Use of Hydrocarbon Resources under the Turkmen President plans to abolish its European office headquartered in London, the official Turkmen source reported. Turkmen President Gurbangulu Berdymuhammedov signed a decree to this effect.

Such action was necessary to further improve and enhance the effectiveness of the agency, according to document notes.

The main tasks of the agency will involve considering investment proposals, the issue of licenses for using hydrocarbon resources, holding negotiations, and the signing of contracts with foreign organizations in constructing and using the pipelines. The agency issues licenses for exploration and development projects within the production sharing agreements (PSA). The European community considers Turkmenistan, along with Azerbaijan and Iraq, as a potential fuel supplier in the Nabucco gas pipeline project.

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